Mirza International Ltd

₹ 38.5 -1.08%

18 Nov 4:00 p.m.

About

Incorporated in 1979, Mirza International Ltd is a manufacturer & exporter of finished leather, Footwear and trader of footwear and apparels and allied products^[1]

Key Points

Business Divisions:^[1]
a) Tannery Division:
Manufacturing Finished Leather from Raw Hides, Wet Blue & Crust
b) Shoe Division:
Manufacturing Finished Leather Shoes
c) Garments/ Accessories Division:
Trading of Garments/Accessories

Website BSE NSE

Market Cap ₹ 532 Cr.
Current Price ₹ 38.5
High / Low ₹ 63.6 / 37.7
Stock P/E 43.9
Book Value ₹ 40.0
Dividend Yield 0.00 %
ROCE 4.87 %
ROE 2.22 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Stock is trading at 0.97 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -11.4% over past five years.
Company has a low return on equity of 7.45% over last 3 years.
Debtor days have increased from 36.5 to 45.8 days.
Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Leather Industry: Leather / Leather Products

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	392.74	589.57	165.13	186.01	176.25	129.87	160.87	127.60	208.70	141.67	152.43	143.51	201.39
	344.33	509.69	149.70	162.87	156.08	115.91	151.73	118.39	196.66	126.25	140.35	132.99	184.51
Operating Profit	48.41	79.88	15.43	23.14	20.17	13.96	9.14	9.21	12.04	15.42	12.08	10.52	16.88
OPM %	12.33%	13.55%	9.34%	12.44%	11.44%	10.75%	5.68%	7.22%	5.77%	10.88%	7.92%	7.33%	8.38%
	10.85	5.40	0.09	0.24	0.13	0.16	4.51	2.71	3.19	1.55	0.52	0.21	0.31
Interest	7.34	6.48	3.10	2.05	2.71	1.90	3.12	2.02	2.36	3.94	3.48	1.64	2.59
Depreciation	18.14	17.32	7.02	6.57	6.32	7.16	5.67	7.04	6.40	7.18	7.71	7.98	7.28
Profit before tax	33.78	61.48	5.40	14.76	11.27	5.06	4.86	2.86	6.47	5.85	1.41	1.11	7.32
Tax %	20.87%	28.55%	-47.96%	29.13%	20.76%	24.31%	33.95%	14.69%	38.02%	24.96%	16.31%	41.44%	19.54%
	26.72	43.92	7.98	10.46	8.93	3.83	3.22	2.44	4.01	4.40	1.19	0.64	5.90
EPS in Rs	2.22	3.65	0.66	0.87	0.74	0.32	0.23	0.18	0.29	0.32	0.09	0.05	0.43
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2008	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	225	287	289	936	972	1,152	1,261	1,049	1,399	653	630	639
	207	258	286	775	797	1,009	1,089	930	1,223	590	582	584
Operating Profit	18	29	3	161	175	143	172	119	176	63	49	55
OPM %	8%	10%	1%	17%	18%	12%	14%	11%	13%	10%	8%	9%
	15	21	27	1	-1	3	2	0	18	8	8	3
Interest	7	14	15	26	25	34	46	41	23	10	12	12
Depreciation	7	8	9	29	32	35	63	67	58	26	28	30
Profit before tax	19	28	6	107	118	76	64	12	113	36	17	16
Tax %	37%	37%	44%	33%	33%	36%	26%	30%	23%	26%	27%
	12	18	3	72	78	49	48	8	86	26	12	12
EPS in Rs	1.27	1.90	0.35	5.96	6.52	4.06	3.97	0.69	7.19	1.91	0.87	0.89
Dividend Payout %	39%	26%	86%	15%	14%	22%	23%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	-11%
3 Years:	-16%
TTM:	2%

Compounded Profit Growth
10 Years:	%
5 Years:	-24%
3 Years:	11%
TTM:	-10%

Stock Price CAGR
10 Years:	22%
5 Years:	40%
3 Years:	52%
1 Year:	-15%

Return on Equity
10 Years:	%
5 Years:	6%
3 Years:	7%
Last Year:	2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2008	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	19	19	19	24	24	24	24	24	28	28	28	28
Reserves	98	107	113	478	548	588	604	614	481	506	525	525
	107	112	113	156	283	357	288	140	49	45	35	39
	51	62	63	106	146	147	344	392	174	151	131	140
Total Liabilities	274	300	308	764	1,002	1,115	1,260	1,170	732	729	719	731
	111	118	124	354	357	409	585	568	361	399	392	387
CWIP	13	18	30	2	25	5	11	8	4	1	11	19
Investments	6	2	6	1	1	1	1	2	7	7	8	8
	145	163	148	408	619	701	663	592	360	322	308	317
Total Assets	274	300	308	764	1,002	1,115	1,260	1,170	732	729	719	731

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-4	29	114	-24	35	228	238	-4	47	50
	-18	-19	-36	-59	-67	-63	-41	55	-53	-29
	12	-10	-82	89	26	-157	-201	-12	-32	-17
Net Cash Flow	-10	-1	-5	6	-6	8	-3	39	-39	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2006	Mar 2007	Mar 2008	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	44	45	39	26	50	49	41	28	15	48	46
Inventory Days	292	218	180	192	291	240	214	264	70	155	149
Days Payable	57	59	58	29	65	45	50	68	47	91	73
Cash Conversion Cycle	279	204	161	189	275	244	206	224	38	113	121
Working Capital Days	179	150	123	120	177	176	134	138	40	106	111
ROCE %		18%	9%		19%	12%	12%	6%	20%	7%	5%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	67.91%	67.91%	67.91%	67.95%	68.15%	71.77%	71.77%	71.76%	71.77%	71.39%	71.27%	71.27%
	2.82%	3.00%	3.42%	3.49%	3.09%	1.56%	2.40%	1.38%	0.47%	0.34%	0.34%	0.30%
	0.04%	0.04%	3.11%	3.87%	4.47%	4.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	29.23%	29.05%	25.56%	24.69%	24.30%	22.55%	25.83%	26.85%	27.75%	28.27%	28.38%	28.44%
No. of Shareholders	68,221	67,615	67,752	70,808	72,756	73,029	91,500	87,644	87,980	87,833	84,125	81,943

	Feb 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	70.87%	73.78%	70.43%	70.22%	70.42%	67.66%	67.91%	71.77%	71.39%	71.27%
	0.00%	0.42%	3.58%	0.63%	0.06%	0.04%	3.00%	1.56%	0.34%	0.30%
	2.05%	0.16%	2.88%	0.95%	0.14%	0.04%	0.04%	4.13%	0.00%	0.00%
	27.07%	25.64%	23.11%	28.21%	29.37%	32.26%	29.05%	22.55%	28.27%	28.44%
No. of Shareholders	26,390	41,883	36,751	41,747	42,176	52,648	67,615	73,029	87,833	81,943

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Mirza International Ltd

Mirza International Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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